• 4 minutes What will the future hold for nations dependent on high oil prices.
  • 7 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 12 minutes OPEC Cuts Deep to Save Cartel
  • 15 minutes Venezuela continues to sink in misery
  • 8 hours End of EV Subsidies?
  • 14 hours Citi cuts Apple's price target
  • 8 hours Maersk's COO statment.
  • 10 hours Japan Effectively Bans China’s Huawei, ZTE From Government Contracts, Joining U.S
  • 4 hours GOODBYE FOREIGN OIL DEPENDENCE!!
  • 11 hours Oil prices may go up, but will be below $70 a barrel in FY19: Hindustan Petroleum Chairman
  • 4 hours Asian stocks down
  • 12 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 12 hours Regular Gas dropped to $2.21 per gallon today
  • 7 hours Trump accuses Google Of Hiding 'Fair Media' Coverage of him
  • 2 hours IT IS FINISHED. OPEC Victorious
  • 5 hours Price Decline in Chinese Solar Panels
Qatar’s OPEC Exit May Just Be The Beginning

Qatar’s OPEC Exit May Just Be The Beginning

Qatar shocked markets yesterday with…

Iran Threatens To Close Key Oil Choke Point

Iran Threatens To Close Key Oil Choke Point

With a U.S. aircraft carrier…

ConocoPhillips to Sell Oil Sands Assets to Exxon

ConocoPhillips has cut a deal to sell all of its Clyden oil sands property—a total of 226,000 acres--in Canada to ExxonMobil Canada and Imperial Oil for $720 million.

The deal, announced on Thursday, 8 August, means Exxon Mobil Canada and Imperial Oil will buy 100% of ConocoPhillips Clyden oil sands stake, with Exxon acquiring 72.5% and Imperial acquiring 27.5%.

So really, it’s largely an Exxon deal because Imperial is 70% owned by Exxon Mobil.

ConocoPhillips is on an asset purge, hoping to raise $13.8 billion through the sale of its non-core assets. The company enjoys that status of having the largest oil sands holdings in the area, with a total of 1.1 million acres and 16 billion barrels of oil.

Related article: Chesapeake Gives Up On New York Fracking

The deal should be closed by the end of September.

ConocoPhillip’s shareholders will be pleased—the money raised in the asset purge will go to dividends and stock buybacks.

Overall, while the supermajors are underperforming the small shale producers in the US, ConocoPhillips is eyeing a return to the non-integrated days. In 2012, it spun off its downstream assets into Phillips 66.

By. Jen Alic of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
-->